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Amer Sports (NYSE:AS) Has A Somewhat Strained Balance Sheet

Amer Sports (NYSE:AS) Has A Somewhat Strained Balance Sheet

亞瑪芬體育(紐交所:AS)資產負債表略顯緊張
Simply Wall St ·  10/30 22:11

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Amer Sports, Inc. (NYSE:AS) does have debt on its balance sheet. But should shareholders be worried about its use of debt?

禾倫·巴菲特曾經說過,「波動性與風險遠非同義詞」。當我們考慮公司的風險程度時,我們總是喜歡看一下它的負債情況,因爲負債過重可能導致滅亡。我們注意到亞瑪芬體育股份有限公司(紐交所:AS)的資產負債表上確實有債務。但股東們應該擔心它的負債使用嗎?

When Is Debt Dangerous?

債務何時有危險?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.

當債務和其他負債對一家企業來說難以便捷地履行那些義務,無論是通過自由現金流還是以優惠價格發行股本來履行時,其就會面臨風險。最終,如果該公司無法履行償還債務的法定義務,股東可能一分錢都拿不到。但更常見的(但仍然痛苦的)情況是,它必須以低價發行新股權,從而永久地稀釋股東的權益。話雖如此,最常見的情況是一家公司合理地管理其債務,並以自身的利益爲前提。當我們思考一家公司的債務使用時,首先要關注現金和債務。

What Is Amer Sports's Net Debt?

亞馬體育的淨負債是多少?

The image below, which you can click on for greater detail, shows that Amer Sports had debt of US$2.05b at the end of June 2024, a reduction from US$6.21b over a year. On the flip side, it has US$255.9m in cash leading to net debt of about US$1.79b.

下面的圖片(您可以單擊查看更詳細信息)顯示,亞馬體育在2024年6月底的債務爲20.5億美元,比去年的62.1億美元有所減少。另一方面,它有25590萬美元的現金,導致淨債務約爲17.9億美元。

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NYSE:AS Debt to Equity History October 30th 2024
紐交所:AS債務與股本歷史數據2024年10月30日

How Healthy Is Amer Sports' Balance Sheet?

亞瑪芬體育的資產負債表健康程度如何?

We can see from the most recent balance sheet that Amer Sports had liabilities of US$1.17b falling due within a year, and liabilities of US$3.06b due beyond that. On the other hand, it had cash of US$255.9m and US$476.6m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$3.50b.

從最近的資產負債表中我們可以看到,亞瑪芬體育有一年內到期的負債爲11.7億美元,超過一年的到期負債爲30.6億美元。與此同時,其手頭現金爲25590萬美元,應收賬款中一年內到期的價值爲47660萬美元。因此,其負債比現金和(短期)應收款項總和多出了35億美元。

This deficit isn't so bad because Amer Sports is worth US$9.08b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.

這個赤字並不算太糟糕,因爲亞瑪芬體育價值爲90.8億美元,因此如果有需要,可能能籌集足夠的資金來支撐其資產負債表。然而,仍然值得仔細關注其償還債務的能力。

We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。

While we wouldn't worry about Amer Sports's net debt to EBITDA ratio of 4.3, we think its super-low interest cover of 0.87 times is a sign of high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. Even worse, Amer Sports saw its EBIT tank 22% over the last 12 months. If earnings continue to follow that trajectory, paying off that debt load will be harder than convincing us to run a marathon in the rain. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Amer Sports can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

雖然我們不會擔心亞瑪芬體育的淨負債與息稅折舊攤銷前利潤(EBITDA)比爲4.3,但我們認爲其極低的利息保障倍數爲0.87倍是高槓杆的跡象。因此,股東們應該意識到,利息開支似乎最近嚴重影響了業務。更糟糕的是,過去12個月亞瑪芬體育的EBIt下滑了22%。如果收益繼續按這個趨勢發展,那麼償還這筆債務將比說服我們在雨中參加馬拉松更加困難。毫無疑問,我們從資產負債表中最能了解債務情況。但最終,業務未來的盈利能力將決定亞瑪芬體育是否能夠隨着時間強化其資產負債表。所以如果你關注未來,可以查看這份顯示分析師盈利預測的免費報告。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Amer Sports recorded negative free cash flow, in total. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.

但我們的最後考慮也很重要,因爲一家公司無法用紙面利潤償還債務;它需要冰冷的現金。因此,我們始終查看EBIt中有多少轉化爲自由現金流。在過去三年中,亞瑪芬體育錄得總體爲負的自由現金流。對於自由現金流不穩定的公司來說,債務風險要高得多,因此股東們應希望過去的支出將來能產生自由現金流。

Our View

我們的觀點

To be frank both Amer Sports's interest cover and its track record of (not) growing its EBIT make us rather uncomfortable with its debt levels. But at least its level of total liabilities is not so bad. We're quite clear that we consider Amer Sports to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. Given the risks around Amer Sports's use of debt, the sensible thing to do is to check if insiders have been unloading the stock.

坦白說,亞瑪芬體育的利息蓋度以及其EBIt的增長紀錄使我們對其債務水平感到不安。但至少其總負債水平並不那麼糟糕。我們非常清楚地認爲亞瑪芬體育的股票風險相當高,這是由其資產負債表健康狀況導致的。因此,我們對這隻股票的謹慎程度幾乎與飢餓的小貓對主人的魚池一樣:俗話說得好,狗急跳牆,貓急抓魚。鑑於亞瑪芬體育使用債務所帶來的風險,明智之舉是檢查內部人員是否一直在拋售該股。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

譯文內容由第三人軟體翻譯。


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